Gold slips $2 to $1311 on profit taking

New York (June 20)  Gold prices declined today after rallying over 3% yesterday on touted short-covering, with silver prices also lower having advanced 5% yesterday following somewhat dovish FOMC decision late Wednesday. Elsewhere, WTI and Brent crude futures reside in minor negative territory, with little related news flow to guide price action and no notable updates from Iraq.

Spot silver stabilizes at $20.74. Platinum is lower by $10 at $1457, while palladium drops $10 to $827 on profit taking.